Getting a business school degree is one of the most substantial investments individuals can make in themselves. Therefore, it is important to clearly analyse the cost and potential career outcomes of attending various MBA programs.
MBAs with the Highest Return on Investment
Pursuing a Master's in Business Administration (MBA) can be an expensive and time consuming endeavor. However, earning an MBA can allow individuals to build marketable skills and greatly increase their salary. This cost-benefit trade-off can be difficult to conceptualise. To that end, we analysed the return on investment for Singapore's top MBA programs in order to give students a starting point as they begin to compare schools.
1. NUS Business School
Based on our calculation, the National University of Singapore (NUS) Business School offers the highest return on investment of the top MBAs in Singapore. Graduates can expect to see a return of 2.85 times their total tuition cost. Not only that, but it is also one of the most highly regarded MBA programs in the world.
In 2018, the Financial Times ranked the school as the 18th best Global MBA. While NUS graduates work in wide variety of professional fields following graduation, the program places a higher percentage of students in financial services than other programs in Singapore, which means that it could be a good option for individuals seeking a career in finance.
Additionally, the school's graduates have the second highest employment rate at 3 months following graduation, at 96%, which means you'll spend less time looking for a job after graduation compared to other schools.
2. Nanyang Business School
Nayang Business School's MBA program also offers a great return on investment. Not only do students from Nayang earn high salaries compared to the cost of attending the university, but the school has the highest employment rate upon graduation of any of Singapore's MBA programs at 98%. This clearly has major appeal to prospective students who are seeking a business school degree in order to further their career ambitions as quickly as possible.
3. SMU Lee Kong Chian School of Business
The SMU Lee Kong Chian School of Business offers the third best return on investment for MBAs in Singapore. The school is also receiving more recognition as a great place to earn an MBA, as it made its first appearance on the Financial Times Global MBA Rankings in 2018.
Additionally, the program appears to prepare its students well for careers in the tech industry. For example, 37% of graduates from the SMU Lee Kong Chian School of Business are employed in the technology or telecommunications industries, which is significantly more than any of the other schools in our review. These factors make it a great option for individuals seeking an MBA that could lead to an exciting career in the tech world.
While INSEAD, a global MBA program with locations in France, Abu Dhabi and Singapore, is the most expensive MBA program in Singapore, with a total cost of S$132,518, it reports the highest average salary among its graduates. The school also has a great reputation and is ranked #21 by the Economist for all full time MBAs.
Prospective students may appreciate the schools' international reach and those who want to work in management consulting may appreciate the fact that 49% of 2017 graduates received placements management consulting companies.
How to Finance an Investment for Your Career
While MBAs are known to be very expensive, there are several ways to make an MBA program financially feasible. For instance, universities tend to offer scholarships to their top MBA applicants. INSEAD is a prime example of this as it provides average scholarship amount of S$26,425 to approximately 31% of its students. Scholarships can also affect more than just your ability to get into an MBA, they can also shift the return on investment rank among these schools.
Because of this, it can help figuring out which schools will provide you with the best financial aid, based on your educational and professional background. However, if you are not fortunate enough to obtain a scholarship for your preferred MBA program, you may need to consider an education loan in order to finance your tuition and make your MBA aspirations a reality.
This was first published at Value Penguin's website, "Which MBA in Singapore Offers the Best Return on Investment?".